Red Violet (NASDAQ:RDVT) Reaches New 52-Week High on Better-Than-Expected Earnings

Red Violet, Inc. (NASDAQ:RDVT) shares hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The company traded as high as $62.49 and last traded at $60.04, with a volume of 29667 shares trading hands. The stock had previously closed at $54.53.

The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.32 by $0.07. Red Violet had a net margin of 12.96% and a return on equity of 12.26%. The company had revenue of $23.08 million for the quarter, compared to analysts’ expectations of $22.64 million.

Wall Street Analysts Forecast Growth

RDVT has been the subject of a number of research reports. B. Riley raised their price objective on Red Violet from $52.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Wall Street Zen cut Red Violet from a “buy” rating to a “hold” rating in a report on Saturday, November 1st. Lake Street Capital reissued a “buy” rating and issued a $62.00 price target on shares of Red Violet in a research report on Thursday. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Red Violet in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $62.00.

Hedge Funds Weigh In On Red Violet

Hedge funds and other institutional investors have recently modified their holdings of the business. Nisa Investment Advisors LLC increased its position in shares of Red Violet by 3,125.0% during the first quarter. Nisa Investment Advisors LLC now owns 1,032 shares of the company’s stock valued at $39,000 after acquiring an additional 1,000 shares during the last quarter. Rhumbline Advisers grew its stake in Red Violet by 2.5% in the 1st quarter. Rhumbline Advisers now owns 16,304 shares of the company’s stock valued at $613,000 after purchasing an additional 393 shares during the period. American Century Companies Inc. grew its stake in Red Violet by 63.9% in the 1st quarter. American Century Companies Inc. now owns 17,380 shares of the company’s stock valued at $653,000 after purchasing an additional 6,776 shares during the period. Acadian Asset Management LLC increased its position in shares of Red Violet by 28.4% during the 1st quarter. Acadian Asset Management LLC now owns 38,990 shares of the company’s stock valued at $1,464,000 after purchasing an additional 8,624 shares during the last quarter. Finally, CWM LLC raised its stake in shares of Red Violet by 5,900.0% during the 1st quarter. CWM LLC now owns 17,640 shares of the company’s stock worth $663,000 after purchasing an additional 17,346 shares during the period. Hedge funds and other institutional investors own 63.56% of the company’s stock.

Red Violet Trading Down 2.1%

The stock’s fifty day moving average is $51.91 and its two-hundred day moving average is $47.95. The company has a market capitalization of $813.05 million, a PE ratio of 75.59 and a beta of 1.76.

Red Violet Company Profile

Red Violet, Inc, a software and services company, specializes in proprietary technologies and applying analytical capabilities to deliver identity intelligence in the United States. It offers idiCORE, an investigative solution used to address various organizational challenges, which include due diligence, risk mitigation, identity authentication, fraud detection and prevention, customer acquisition, and regulatory compliance; and FOREWARN, an app-based solution that provides instant knowledge before face-to-face engagement with a consumer, as well as helps professionals to identify and mitigate risk.